Reservoir Capital was granted an exploration license for geothermal energy at Vranjska Banja in Southern Serbia. The license covers 17.5 square kilometers in area, which has an elevated geothermal gradient attributed to the presence of Tertiary-age intrusive. The license surrounds an existing 200 square meter exploitation license, where two existing geothermal wells (VG-2 and VG-3) have confirmed the high temperature gradient.

Well VG-2 intercepted several hot water aquifers, the best of which measured 126 degrees centigrade between 864-890 meters depth.

Well VG-3 intercepted a zone containing three intervals with measured temperatures of 124 degrees centigrade, between 1,500 and 1,575 metres depth.